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Home Prices Down 0.1% in December

HPI-NovemberIn December, the Teranet–National Bank National Composite House Price Index™ was down 0.1% from the previous month, the first monthly decrease in a year. The index has been down from the previous month in six out of nine Decembers since 2007. Prices were flat or down on the month in seven of the 11 metropolitan markets surveyed. They declined in Calgary (−1.7%), Winnipeg (−1.5%), Ottawa-Gatineau (−1.4%), Montreal (−1.3%), Hamilton (−0.6%) and Edmonton (−0.3%). For Ottawa-Gatineau it was the fourth consecutive monthly decline (a cumulative −3.8%), for Calgary the third (cumulative −3.7%). In Victoria prices were flat. Prices rose in Vancouver (1.1%) – a 12th consecutive month without a decline – and in Halifax (+1.5%), Quebec City (+0.5%) and Toronto (+0.2%). For Toronto, it was a 10th straight month without a decline.

Teranet-National Bank National Composite House Price Index™

home prices down december

 

December, the composite index was up 6.2% from a year earlier, the largest 12-month rise since February 2012. However, this strength came from just four markets whose 12-month gains were well above the countrywide average – Vancouver (12.9%), Toronto (9.5%), Hamilton (8.8%) and Victoria (8.7%). In Montreal (+0.4%) and Quebec City (+0.2%), prices were barely higher than a year earlier. In Halifax they were 2.6% higher. Prices were down from a year earlier in Calgary (−2.6%), in Ottawa-Gatineau (−2.1%) and in Winnipeg and Edmonton (−1.1%).

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